Apple becomes most valuable American company EVER and worth more than $2 trillion after 60% rise in share price
- Apple’s share price hit $468.35 on Wednesday for a market cap of $2 trillion
- The iPhone maker became the first American company to hit the milestone
- Recently reported blockbuster earnings despite the ongoing pandemic
- Saudi Aramco reached a market value of $2 trillion in 2019 but has since fallen
Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.
The company’s share price rose more that 1 percent on Wednesday, to $468.35 at 11am, for a market capitalization of $2 trillion.
Apple shares have gained nearly 60 percent this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.
The company’s hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home.
An all-time view of Apple’s stock price is seen above. The company’s share price rose more that 1 percent on Wednesday, to $468.35 at 11am, for a market capitalization of $2 trillion
A closed Apple Store is seen in Washington, DC in April. The company’s loyal customers have continued to buy Apple products online despite the lockdowns
Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019.
The Saudi energy producer’s shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.
Apple recently reported blowout earnings for the April-June quarter,
Apple’s revenue grew across every category and all of its geographical regions in the June quarter, even as the coronavirus crisis caused the U.S. economy to collapse at its worst rate since the Great Depression.
An upcoming four-for-one stock split that will make Apple´s shares more affordable to more investors also sparked a rally after it was announced three weeks ago.
Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people´s lives – and the stock market.
Apple CEO Tim Cook delivering the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California in June
With Amazon, Microsoft and Google-owner Alphabet, all now worth around $1 trillion or more, the big U.S. tech companies are together worth more than $6 trillion.
Just five companies – Apple, Microsoft, Amazon, Facebook and Google´s parent company – account for nearly 23 percent of the S&P 500’s entire value.
On Wednesday, the S&P 500 was up 0.2 percent, a day after it wiped out the last of its losses created by the pandemic and surpassed its February 19 peak to set a new record.
Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, Peru and other countries.
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